Thanks @PhillW I understand the issue and its impact on...

Thanks @PhillW I understand the issue and its impact on comparisons. The only way we can do the comparison properly is by using the DFS production models with strip ratios, recovery grades, Capex and Opex, but not all of the companies have a DFS yet, though I can give it a lash for those that do. Will just take a while as they all seem to use different metrics.

Maybe the way to deal with it is to use the @goldbear77 method which demonstrates that as the price of Ag and Au increase the Ag Eq decreases, and by the most where the base metals are a more significant percentage. For example, where the Ag price equals the Pb price, the Ag Eq is then only slightly larger than the total Ag. When a value is then applied to the Ag Eq, the base metals are not entirely ignored, but their value in terms of the overall % is lower.

I have a spreadsheet that can do this, but I need to add in your extra companies. You could try this in your model, because I think your spreadsheet can do it already. At the extreme I would use say Ag being equivalent to the Pb price and Au 10X that. Then apply a comparable Ag Eq ounce number and see what occurs.

(I am not sure that the method you used does not essentially duplicate the PM component. That might be why USL stood out).

Best wishes V